Settlement
Period
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PAGE 3
ANNUAL REPORT 2024-25YGGDRASIL
Letter from our
CEO
Strong
EBIT
growth
and expanding
asset
management
towards Europe
The
2024-25
financial year has been a
landmark period
at
Yggdrasil. We delivered
an
operating
profit
of
DKK
686m, a
remarkable 84% growth
from
DKK
372m
in
2023-24.
This result validates our scalable,
data-driven
model and demonstrates our
ability
to
leverage algorithmic trading
and global diversification across multiple
global markets
to
capture value in
the
dynamic power markets, despite lower
power prices and reduced volatility.
Our result
reaffirms
our
commitment
to
the
core principles
that
drive our success:
scalability,
low-risk
operations,
and
innovation.
From
day
one, our business has revolved
around fully automated algorithmic
short-
term power trading, and today, our platform
delivers impressive results based purely
on data
with
minimal human intervention
required
for
daily
operations.
However,
algorithmic
trading
is
only
possible
with
great minds and outstanding people. The
Yggdrasil
team
is
dedicated
to
elevating
business
performance
and
pursuing
new
opportunities
while
maintaining
the
entrepreneurial
approach
that
characterises each team member and our
business approach.
PAGE 4
ANNUAL REPORT 2024-25YGGDRASIL
LETTER FROM OUR CEO
Therefore,
in
financial
year
2024-25,
our
ethos
has
been
captured
in a
new
tagline
for
Yggdrasil:
"Rooted
in
data.
Energised
by
humans." This
celebrates
our
outstanding
team,
who
work
unitedly
across
continents
to
ensure
seamless
trading
activities
throughout
the
year,
and manifests Yggdrasil
as
a
data-native,
people-powered
organisation.
Our
low-risk
profile remains a cornerstone
of
our
success.
Our
trading
activities
are
supported
by
a
consistent
focus
on
risk
parameters,
short-term-exposure
strategies, and geographic diversification
Largest accummulated
draw down
vs. equity
across
the
globe,
and
the
results
of
our
risk-averse
approach
are
underscored
in
our risk indicators.
Expanding
to
new
markets
is
part
of
our
DNA.
We
have
successfully
expanded
into
8
new
markets,
and
deepened
our
trading
activities
in
the
existing
39
markets, achieving
the
expansion
without
compromising
our
trading
performance.
We achieved a 49%
step-change
in
traded
volume
while
maintaining
our
94%
daily
profitability
ratio.
We
now
participate
in
power
markets
that
represent
over
a
quarter
of
the
total
global
power
consumption.
This is a
testament
to
the
scalable
platform
that
Yggdrasil has
built
over
the
years.
Renewable asset management represents
another
stride
in
our
efforts
to
diversify
market
risk
and
is a
part
of
our
growth
strategy.
During
the
financial
year,
we
expanded
our
learnings
from
our
customers'
portfolio
of
assets. Managing
an asset
portfolio
of
both
wind
and solar
for
customers
across
continents
with
an
installed capacity
of
over lGW
has
provided
valuable insights.
PAGE 5
ANNUAL REPORT 2024-25YGGDRASIL
By
leveraging
our
IT
-driven
approach,
we
optimise
asset
performance
for
our
customers through data-led strategies and
scale our asset management operations
without
significant increases
in
FTEs.
Asset management has delivered
satisfying returns, proving our ability
to
integrate more renewable energy
into
the
power mix while delivering consistent
value
to
our customers. These experiences
reinforce our
commitment
to
operational
efficiency and ensure we remain agile
in
a
market increasingly shaped
by
weather-
dependent
renewable energy sources.
Our
team
grew
by
4
during
the
financial
year,
as
our lean
team
embraced
greater
responsibilities, counting a total
of
35
FTEs
by
financial
year-end
with
a retention rate
of
97%.
Despite this growth, our
cost
base
increased
by
only 20%, which we consider
a
modest
rise given our significant growth.
This increase is significantly below linear
scaling relative
to
our 84%
EBIT
growth and
49% increase
in
traded volume.
LETTER FROM OUR CEO
Our operational
efficiency
demonstrates
the
strengths
of
our technology platform,
which
continues
to
enable rapid scaling
without
proportional
cost
increases. Our
scalable setup remains a defining strength,
allowing
us
to
expand into new markets and
deepen trading activities while maintaining
a minimal
cost
footprint.
Outlook: A bold vision
in
unpredictable
market
conditions
Moving
into
the
new
financial year,
we
have
identified
two
key
focus
areas
for
expanding our business. First, we anticipate
continued
opportunities
to
deepen
our
presence
in
existing
markets.
Second,
we
continue
to
add
new
markets
to
our
portfolio.
Gross profit
PAGE 6
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 7
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24 2022/23 2021/22 2020/21
Key figures
Profit/loss
Revenue 682,864 267,646 0 0 0
Cost of sales -676,379 -262,073 0 0 0
Gross profit 729,944 409,013 308,182 165,473 45,573
Operating profit before financial in-
come and expenses and tax (EBIT)
685,928 372,461 277,212 149,307 34,899
Net financials 7,170 7,617 8,638 -1,735 -55
Profit before tax (EBT) 693,098 380,079 285,850 147,572 35,534
Profit for the year 527,632 279,342 219,776 109,498 27,677
Balance sheet
Balance sheet total 877,789 723,329 470,844 249,882 81,429
Investment in property, plant and
equipment
0 0 0 0 0
Equity 522,127 386,335 353,352 145,856 35,319
Cash flows
Cash flows from operating activities 504,322 446,432 280,999 79,762 4,142
Cash flows from investing activities 0 0 0 0 718
Cash flows from financing activities -381,938 -240,000 -6,000 -11,959 11,174
Change in cash and cash equivalents
for the year
122,385 206,432 274,999 67,803 16,034
Number of employees - average for
the year
33 29 24 16 12
Key ratios
Return on assets 78.1% 51.5% 58.9% 59.8% 42.9%
Solvency ratio 59.5% 53.4% 75.0% 58.4% 43.4%
Return on equity 116.2% 75.5% 88.1% 120.9% 99.9%
PAGE 8
ANNUAL REPORT 2024-25YGGDRASIL
Annual report
commentary
New
markets
and controlled
deepening
Yggdrasil's
technology-driven,
data-led
approach continues
to
deliver exceptional
financial
performance
while maintaining
a
lean
operational
model.
Free
from
traditional
trading
mindsets, we leverage
a
portfolio
of
rigorously
back-tested,
data-driven
algorithms
to
engage
power
markets
globally.
Our
trading
engine
consistently
captures
profits
across
diverse
market
conditions,
independent
of
specific
events
or
individual
trader
expertise.
Our low-risk profile is key
to
our business
performance. 94%
of
trading days ended
with
positive
earnings, and
our
largest
accumulated drawdown represented
just
0.7%
of
equity.
These
metrics
reflect
the
strength
of
our
risk parameters, short-exposure strategies,
and a continuous focus on spreading our
activities
across
three
regions -
North
America, Europe, and
APAC.
Consistently
maintaining
low-risk
levels
enables
us
to
focus
on
trading
volumes in
our
key
performing
markets.
During
the
financial
year
2024-25,
we
have
continued
our
growth
strategy
of
controlled
deepening
in
power
markets
with
the
best
track
records. Based on our
initial results
from
the
previous financial
year, we have increased
trading
volumes
particularly
in
the
North
American
and
APAC
power markets, impacting our trading
performance
significantly
and achieving
record results.
PAGE 9
ANNUAL REPORT 2024-25YGGDRASIL
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ANNUAL
REPORT
COMMENTARY
Despite
our
significant
growth,
our
cost
base
increased
by
only
20%, far
below
our
84%
EBIT
growth
and 49% increase
in
traded
volume. This
demonstrates
the
efficiency of our technology platform, which
enables rapid scaling
without
proportional
cost
increases, driving increasing results.
Our lean
team
of
35
full-time
employees
at
year-end, supported
by
our IT-centred
platform, has driven this significant growth.
Scalability remains one of our key strengths,
enabling
us
to
expand into new markets and
deepen trading activities while maintaining
a minimal
cost
footprint. This positions us
to
maintain
our
leadership in
the
global
energy transition .
PAGE 10
ANNUAL REPORT 2024-25YGGDRASIL
FY2024-25
49
%
FY2023-24
91
%
FV2022-23
81
%
We
are
PAGE 12
ANNUAL REPORT 2024-25YGGDRASIL
ANNUAL
REPORT
COMMENTARY
{
"period
":"
2024-25
";
"dataVolumeStored.Aprox": "
1.2PB
"
}
71
Automation empowers
geographical spread
Yggdrasil's
seven-year
journey
in
short-
term
power
trading
spans
North
America,
Europe, and
APAC,
and is
the
successful
result
of
a
strategic
goal
of
spreading
of
our
activities
across
diverse
market
conditions.
However,
trading
on a global
scale
does
not
require
a
corresponding
increase
in
cost
and
complexity
of
dispersed hubs.
Operating
through
a
highly
automated
platform
enables
us
to
achieve
geographical
spread
efficiently
with
a
low-cost
setup
and minimal
complexity.
Our
daily
trading
activities
are
divided
between
only
two
sites.
PAGE 13
ANNUAL REPORT 2024-25YGGDRASIL
Our
head
office
and
administration
are
in Aalborg, Denmark, and
our
operational
center
shifts
between
Aalborg, Denmark
and
Tokyo, Japan,
to
avoid
night
shifts
for
the
team
members
monitoring
the
markets' behaviour.
Our
presence
in
vast
global
markets
is
geared
towards
being
a valued
member
of
the
global
energy
community,
without
becoming
a
dominant
force
within
a
specific
area,
to
maintain
our
low-risk
profile.
Thus,
continued
controlled
deepening
of
our
trading
activities
will
be
the
basis
for
our
performance
in
the
coming years.
FY
2022-23
ANNUAL
REPORT
COMMENTARY
FY
2024-25
FY
2023-24
Volume traded
outside Denmark
PAGE 14
ANNUAL REPORT 2024-25YGGDRASIL
FY 2024-25
39
FY 2023-24
31
Markets
PAGE 15
ANNUAL REPORT 2024-25YGGDRASIL
Well positioned
in
the
global power
infrastructure
Yggdrasil is
deeply
embedded
in
the
global
power
sector, a
position
we have
maintained
for
years and are
committed
to
upholding in
the
future.
Our
extensive
network
connects
to
nearly
20
power
exchanges and plus
30
Transmission
System
Operators
(TSOs),
ensuring
seamless
operations
across
global
markets.
Each
day,
we
trade
approximately
100,000
MWh
across
39
markets,
demonstrating
consistent
delivery
that
builds
trust
among
partners
and financial counterparties.
Our
advanced
platform
drives
this
integration,
adapting
swiftly
to
new
regulations
while
handling
complex
market dynamics with ease, cementing our
position
as a
trusted
player. We
connect
supply
and
demand
efficiently, ensuring
sector
stability
through systems designed
for
reliability.
Our
proven
performance
strengthens
confidence, enabling us
to
thrive in global
markets where our execution sets
us
apart.
Yggdrasil's
robust
infrastructure
supports
the
seamless integration
of
green energy,
enabling us
to
execute
trading
strategies
with
unwavering precision and
reliability
that
reflect
unmatched
operational
excellence
within
the
energy
sector.
Partners
trust
our
steady
performance,
as
our
platform
drives sustainable
growth
in a
dynamic
energy
landscape.
Over
the
coming
years,
Yggdrasil
will
further
deepen
its
global
presence,
strengthening ties
with
exchanges,
TSOs,
and
other
market
actors
to
enhance
our
connectivity.
Our
platform
will evolve
to
address new market demands, maintaining
flawless execution
to
ensure our enduring
role. Our reliability fosters
trust
across
the
sector, positioning us
to
power
the
global
energy
transition
with
confidence.
PAGE 17
ANNUAL REPORT 2024-25YGGDRASIL
Corporate
social
responsibility
Reporting under Section 99(a) and
99(d)
of
the
Danish Financial
Statement
Act.
Description of business model
A
short
description
of
Yggdrasil's business
model is given under the section "Statutory
Reporting - Main
Activities"
(p. 20).
Environmental
impact
Yggdrasil engages in
power
trading
and
is
neither
a
producer
of
power
nor
an
industrial-scale
offtaker
of
power. Even
as a
significant
trader
in
power,
our
consumption
of
electricity
is limited
to
the
proportional
amount
that
is
consumed
at
the
premises
where
our
employees
are
working.
Therefore,
we
do
not
have
an
explicit
climate
responsibility
policy
for
our
operations.
Social
impact
At
Yggdrasil,
our
talented
team
is
the
foundation
of
our
success in
data-driven
power
trading.
Their
expertise
in
power
markets and software
development
drives
our
mission
to
automate
and
optimise
trading
across global
power
markets. We
prioritise
a collaborative, inclusive
culture
that
aligns
with
our
values
of
mutual
respect,
creative
freedom,
and
work-life
balance, ensuring we remain an
attractive
employer in
the
competitive
energy sector.
Our
commitment
to
social
responsibility
supports
broader goals, such
as
advancing
renewable
energy
integration
through
efficient
trading
practices.
Employee
development
and engagement
Yggdrasil
fosters
a
steep
learning
curve
and personal development.
In
2024-25, we
emphasised
learning
by
doing,
with
new
hires taking on
significant
responsibilities
early,
supported
by
experienced
colleagues
through
regular
discussions
and
knowledge-sharing
sessions.
This
approach
results in a
very
high
employee
retention
rate.
To
gauge
employee
satisfaction,
we
conducted
an
internal
engagement
PAGE 18
ANNUAL REPORT 2024-25YGGDRASIL
survey,
achieving
a high
response
rate
and
identifying
key
drivers,
such
as
professional growth and sense
of
purpose.
Furthermore, we
support
initiatives, such
as
thesis
collaborations
with
students,
flexible working hours, valuing personality
and
well-being
alongside
expertise,
personal development, and opportunities
for
part-time
student
roles.
Neglecting employee development poses
risks
to
retention
and
innovation
in
our
fast-paced
industry.
We
mitigate
this
through
our
Warrant
Incentive
Program,
which
rewards
long-term
commitment
and
aligns
employee
interests
with
company
success.
All
initiatives
will
continue
into
2025-
26,
with
plans
to
expand
mentorship
programs.
Diversity,
equality,
and
inclusion
Yggdrasil's
international
team
reflects
a
mix
of
talents, backgrounds, and mindsets,
which is essential
for
innovative solutions
in
global
power
trading.
By
the
end
of
2024-25,
our
35
employees
included
individuals
from
multiple
nationalities,
supported
by
our expansion
into
markets
like Japan with our Tokyo office, opened
in
2022.
We
maintain a
merit-based
system,
assessing employees on skills and cultural
fit, irrespective
of
their gender, nationality,
or any other distinguishing characteristics.
A
commitment
to
a
merit-based
system is
essential
for
attracting
and keeping
only
the
best
employees.
Health,
well-being,
and
working
conditions
As a
tech
and
trading
company,
we
prioritise
both
physical and mental
well-
being
in a
low-risk
environment.
Since
our
inception, we have
promoted
flexible,
task-orientated
schedules
that
allow
employees
to
balance
work
with
family
and personal life,
contributing
to
a fun and
supportive
workplace. Employees
benefit
from
our
informal
culture,
which
values
work-life balance as well as expertise, and
we
offer
access
to
a vast array
of
various
additional
support
and
development
resources.
Risks related
to
well-being
could
impact
productivity
and
retention.
We
counter
this
with
proactive
measures,
such
as
encouraging breaks, flexible working hours,
and
in-house
expertise
on
well-being
initiatives and personal development. All
programs will be maintained in 2025-26.
Respect for
human
rights
Yggdrasil
upholds
all
recognised
human
rights,
treating
every
individual
with
dignity
and respect.
Operating
primarily
in
regulated
markets,
such
as
North
America, Europe, and
APAC,
we
conduct
due
diligence
on
partners
to
ensure
compliance
with
international standards.
Yggdrasil
and
our
direct
counterparties
are,
to
our
knowledge,
not
significantly
exposed
to
violating
human
rights.
PAGE 19
ANNUAL REPORT 2024-25YGGDRASIL
Nevertheless,
human
rights
violations
could lead
to
a deteriorating reputation.
In
2024-25, we received no reports
of
human
rights breaches via our internal channels.
We will maintain
our
approach
to
human
rights in
the
coming year.
Anti-corruption
and
bribery
We
conduct
business
with
integrity,
adhering
to
a
zero-tolerance
policy
on
bribery,
corruption,
and
related
offences.
Neglecting
this
pillar
could
lead
to
outcomes
outside
of
normal
market behaviour, which could
ultimately
lead
to
expulsion
from
a
marketplace
or
geographical area.
SOCIAL
CORPORATE RESPONSIBILITY
As a
trader
on
regulated exchanges,
we
comply
with
Danish,
EU,
and international
laws, evaluating counterparties rigorously.
In
2024-25,
no
incidents
of
corruption
were
reported
or
detected.
Our
Compliance
Handbook,
integrated
into
onboarding,
ensures all
employees
understand
and
acknowledge
these
standards.
Furthermore,
mandatory
training sessions
for
certain
trading roles,
as
well
as
internal compliance processes,
are
the
backbone
of
a
framework
for
complying
with
relevant laws, regulations,
and guidelines
for
our industry.
Violations
could
lead
to
fines, exclusion
from
markets,
or
reputational
harm. We
prevent this through
trusted
partnerships
and regular reviews. This
policy
remains
unwavering in 2025-26.
Data ethics policy
Yggdrasil is
at
its
core
a
data
processing
entity
that
utilises
proprietary
data
and
public
data
sources. Not only is
it
a legal
requirement
to
maintain a certain level
of
security and compartmentalisation,
but
as
this data is a key
part
of
our assets, we have
implemented
and
maintained
very
high
standards
around
data
access, logging,
and data consistency. Furthermore, rights
to
add
or
modify
data are role
and/or
user
specific,
ensuring
transparency
around
data access and responsibilities. Personal
data is handled in accordance
with
GDPR
rules, and Yggdrasil is
GDPR
compliant.
Thus, we retain data only when necessary.
PAGE 20
ANNUAL REPORT 2024-25YGGDRASIL
Statutory
reporting
Main activities
Yggdrasil is a
data-driven,
short-term
focused
power
trading
company. We are
actively
trading
proprietarily
in
markets
across
the
globe,
with
a
focus
on
North
America,
Europe,
and
the
APAC region.
With
the
short-term
trading
at
its
core,
Yggdrasil
focuses
on
impacts
to
power
prices
and flows
for
today
and
tomorrow.
We
analyse
vast
amounts
of
historical
weather
data
and
how
the
weather
forecast
is
correlated
with
power
prices.
This is
the
basis
for
the
algorithms
on
which
we base
our
power
trading.
At
Yggdrasil, we
code
our
framework
for
data management and
for
interaction
with
our counterparties in
the
market in-house.
Naturally,
our
system
development
is
thus
a central
piece
of
our
business.
Executive
summary
In
2024-25,
Yggdrasil
reached
an
EBIT
of
686
mDKK,
and
our
balance sheet on
30th
June
2025
shows
an
equity
of
522 mDKK.
The overall result
of
the
year is in line
with
the
expectations
as
stated
in
the
annual
report
of
the
previous
financial
year.
Management is satisfied
with
the
result.
2025-26
outlook
For the financial year
2025-26,
we
expect
EBIT
to
be
in
the
range
of±
10%
compared
to
last
financial
year,
corresponding
to
617-754 mDKK, as
we
expect
more
competition
in our core business and only
a minor contribution from managing assets
in Europe in the build-up phase. Power price
levels and volatility can have a significant
impact
on our
EBIT,
and we assume these
to
stay at
the
current level.
PAGE 21
ANNUAL REPORT 2024-25YGGDRASIL
The Company
Yggdrasil Commodities ApS
Niels Jernes Vej 10
DK-9220 Aalborg Øst
CVR No: 40 30 06 43
Established: 28 February 2019
Registered office: Aalborg
Financial period: 1 July - 30 June
Board of Directors
Søren Agersbæk Jensen
Søren Bondo Andersen
Rasmus Nordestgaard Jensen
Executive Board
Søren Agersbæk Jensen
Søren Bondo Andersen
Thomas Tynor
Kei Shiraishi Bech
Auditors
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Jens Chr. Skous Vej 1
8000 Aarhus C
Company
Information
PAGE 22
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 23
ANNUAL REPORT 2024-25YGGDRASIL
TDKK Notes 2024/25 2023/24
Net income from trading financial energy derivatives 3 723,459 403,441
Revenue 3 682,864 267,646
Cost of sales -676,379 -262,073
Gross profit
729,944 409,013
Staff costs 4 -26,702 -22,910
Administrative expenses -17,314 -13,642
Operating profit
685,928 372,461
Financial income 5 13,467 14,002
Financial costs 5 -6,297 -6,385
Profit before tax
693,098 380,079
Tax on profit for the year 6 -165,466 -100,736
Profit for the year 527,632 279,342
Profit for the year is attributable to:
Owners of Yggdrasil Commodities ApS 527,632 279,342
Non-controlling interests 0 0
527,632 279,342
PAGE 24
ANNUAL REPORT 2024-25YGGDRASIL
TDKK Notes 2024/25 2023/24
Profit for the year 527,632 279,342
Other comprehensive income that will be reclassified
subsequently to the profit or loss
Value adjustment of hedging instruments 0 0
Tax effect of equity adjustments 0 0
Exchange rate adjustments on translation of subsidiaries -10,520 -6,940
Total comprehensive income 517,112 272,402
Total comprehensive income is attributable to:
Owners of Yggdrasil Commodities ApS 517,112 272,402
Non-controlling interests 0 0
517,112 272,402
PAGE 25
ANNUAL REPORT 2024-25YGGDRASIL
TDKK Notes 30/6 2025 30/6 2024
Assets
Current assets
Receivables 14 135,341 112,304
Deposits 32,672 27,910
Other receivables 30,399 15,603
Total receivables 198,412 155,816
Cash and cash equivalents 8 679,378 567,513
Total current assets 877,789 723,329
Total assets 877,789 723,329
TDKK Notes 30/6 2025 30/6 2024
Equity and liabilities
Contributed capital 3,073
Reserve for exchange rate conversion -17,460
Retained earnings 536,514
Proposed dividend for the year 0
Total equity 522,127 386,335
Payables 183,783 202,718
Income tax payable 130,190 112,368
Other payables 41,689 21,908
Total current liabilities 355,662 336,994
Total liabilities 355,662 336,994
Total equity and liabilities 877,789 723,329
3,073
-6,940
390,202
0
PAGE 26
ANNUAL REPORT 2024-25YGGDRASIL
TDKK
Con-
tributed
capital
Reserve
for ex-
change
rate con-
version
Retained
earnings
Proposed
dividends
for the
year
Total
equity
owners
of the
parent
Non-con-
trolling
interests
Total
equity
Equity at 1 July
2024
3,073 -6,940 390,202 0 386,335 0
Profit for the year
0 0 527,632 0 527,632 0
Value adjust. of
hedging
instruments
000 0 0 0
Tax effect, equity
adjust.
000 0 0 0
Exchange rate adjust.
subsidiaries
0 -10,520 0 0 -10,520 0
Total comprehen-
sive income
0 -10,520 527,632 0 517,112 0
Purchase of
treasury shares
0 0 -376,133 0 -376,133 0 -376,133
Cancellation of
warrants
0 0 -5,804 0 -5,804 0 -5,804
Paid ordinary
dividends
000 0 0 0
Share-based
payments
0 0 617 0 617 0
Total transactions
with shareholders
0 0 -381,320 0 -381,320 0 -381,320
Equity at 30 June
2025
3,073 -17,460 536,514 0 522,127 0
386,335
527,632
0
0
-10,520
517,112
0
617
522,127
PAGE 27
ANNUAL REPORT 2024-25YGGDRASIL
Consolidated statement
of changes in equity
For the year ended 30 June 2024
Changes in equity (com. year)
TDKK
Con-
tributed
capital
Reserve
for ex-
change
rate con-
version
Retained
earnings
Proposed
dividends
for the
year
Total eq-
uity own-
ers of the
parent
Non-
con-
trolling
interests
Total
equity
Equity at 1 July
2023
3,073 0 110,279 240,000 353,352 0 353,352
Profit for the year
0 0 279.342 0 279,342 0 279,342
Value adjust. of
hedging
instruments
0 0 0 0 0 0 0
Tax effect, equity
adjust.
0 0 0 0 0 0 0
Exchange rate adjust.
subsidiaries
0 -6,940 0 0 -6,940 0 -6,940
Total comprehen-
sive income
0 -6,940 279.342 0 272,402 0 272,402
Paid ordinary
dividends
0 0 0 -240,000 -240,000 0 -240,000
Share-based
payments
0 0 581 0 581 0 581
Total transactions
with shareholders
0 0 581 -240,000 -239,419 0 -239,419
Equity at 30 June
2024
3,073 -6,940 390,202 0 386,335 0 386,335
PAGE 28
ANNUAL REPORT 2024-25YGGDRASIL
TDKK Notes 2024/25 2023/24
Profit/loss for the year 527,632 279,342
Adjustments 11 158,913 93,699
Changes in working capital 11 -41,749 115,291
Cash flow from operating
activities before financials
644,796 488,333
Paid net finance income/finance costs 7,171 7,617
Cash flow from ordinary activities 651,967 495,950
Corporate tax paid -147,645 -49,518
Cash flow from operating activities 504,322 446,432
Sale of equity investments 0 0
Cash flow from investment activities 0 0
Cancellation of warrants -5,804 0
Purchase of treasury shares -376,134 0
Loan credit institution 0 0
Dividend paid 0 -240,000
Cash flow from financing activities -381,938 -240,000
Changes in cash and cash equivalents 122,385 206,432
Cash and cash equivalents at 1 July 567,513 368,021
Currency adjustment -10,520 -6,940
Cash and cash equivalents at 30 June 679,378 567,513
PAGE 29
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 30
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 31
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 32
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 33
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 34
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 35
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 36
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 37
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Net income from trading financial energy derivatives 723,459 403,441
Revenue from contracts with customers 682,864 267,646
Trading income and revenue 1,406,323 671,087
PAGE 38
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Wages and salaries 22,683 20,490
Share-based payments 617 581
Pension cost (defined contribution plans) 1,878 1,429
Other social security costs 1,523 410
Total 26,702 22,910
Average number of full time employees 33 29
TDKK 2024/25
Executive
Board
Board of
Directors
Total
Wages and salaries 2,927 100 3,027
Share-based payments 180 0 180
Pension cost (defined contribution plans) 264 0 264
Other personnel costs 0 0 0
Other social security costs 0 0 0
Total remuneration to Executive Management 3,371 100 3,471
TDKK 2023/24
Executive
Board
Board of
Directors
Total
Wages and salaries 2,684 200 2,884
Share-based payments 128 0 128
Pension cost (defined contribution plans) 236 0 236
Other social security costs 0 0 0
Total remuneration to Executive Management 3,048 200 3,248
PAGE 39
ANNUAL REPORT 2024-25YGGDRASIL
Employees
(number of warrants)
2024/25 2023/24
Outstanding at 1 July 82,180 46,150
Granted during the
year
26,350 36,730
Forfeited during the
year
-1,411 -700
Cancellation of
warrants
-14,045 0
Outstanding at
30 June
93,074 82,180
PAGE 40
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 41
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Financial income
Interest income measured at amortised cost 10,184 9,401
Exchange rate adjustments, net 2,290 4,071
Other financial income 993 530
Total financial income 13,467 14,002
Financial costs
Interest expense measured at amortised cost 1,794 3,887
Exchange rate adjustments, net 594 0
Other financial expenses 3,909 2,497
Total financial expenses 6,297 6,385
PAGE 42
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Current tax
Current tax for the year 165.466 100.736
Deferred tax adjustment for the year 0 0
Income tax expense 165,466 100,736
Reconciliation of effective tax rate
TDKK 2024/25 % 2023/24 %
Tax at the Danish tax rate of 22% 152,482 22.0% 83,617 22.0%
Tax effects of amounts which are not
deductible (taxable) in calculating taxable
income:
Effect of foreign tax rates 16,875 2.4% 17,066 4.5%
Non-deductible items 391 0.1% 0 0.0%
Non-taxable income -4,282 -0.6% 53 0.0%
Income tax expense 165,466 23.9% 100,736 26.5%
PAGE 43
ANNUAL REPORT 2024-25YGGDRASIL
Name/legal form Office Interest
Thordin ApS Aalborg 100%
Dvalin ApS Aalborg 100%
Nidhog ApS Aalborg 100%
Asgard ApS Aalborg 100%
Valhall GK Japan 100%
Future Electricity Trading (GK) Japan 100%
Japan Power Trading (GK) Japan 100%
Raijin Energy (GK) Japan 100%
Yggdrasil India India 100%
Heimdall Commodities Mexico Srl. Mexico 100%
PAGE 44
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Cash at bank 623,905 536,222
Counterparty deposits which can be released with a short timeframe 55,473 31,291
Total cash at bank and cash equivalents in cash flow statement 679,378 567,513
Deposits secured for guarantees 0 0
Purchase price for shares deposited with bank 0 0
Carrying amount at 30 June 679,378 567,513
PAGE 45
ANNUAL REPORT 2024-25YGGDRASIL
30 June 2025 30 June 2024
Number of
shares
Nominal
value DKK
Number of
shares
Nominal
value DKK
The share capital comprise:
A shares 2,818,554 2,818,554 2,818,554 2,818,554
B shares 254,446 254,446 254,446 254,446
All shares are fully paid. A shares carry one vote per share and right to dividends. B Shares carry
dividends and no voting rights.
DKK per share 30 June 2025 30 June 2024
Total dividend paid out for the year 0 240,000
Total dividend per share 0 85.2
Total dividend proposed for the year 0 0
PAGE 46
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 47
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Other adjustments
Share-based payments 617 581
Financial income -13,467 -14,002
Financial costs 6,297 6,385
Tax on profit for the year 165,466 100,736
158,913 93,699
Changes in net working capital
Changes in receivables -42,596 -59,946
Changes in trade and other payables 847 168,284
Changes in deposited cash 0 6,953
-41,749 115,291
PAGE 48
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 49
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 50
ANNUAL REPORT 2024-25YGGDRASIL
Impact on
post tax profit
Impact on
equity
TDKK 2024/25 2023/24 2024/25 2023/24
DKK/USD +/- 10% 2,742 1,929 2,742 1,929
DKK/GBP +/- 10% 1,148 2,962 1,148 2,962
DKK/EUR +/- 10% 1,917 4,024 1,917 4,024
DKK/JPY +/- 10% 8,355 -5,019 8,355 -5,019
DKK/INR +/- 10% 99 123 99 123
TDKK 2024/25 2023/24
Fair value at 1 July 0 0
Settled during the year 0 0
Fair value adjustments 0 0
Total 0 0
2024/25 2023/24
Net assets
Derivative
contracts
Net assets
Derivative
contracts
Currency (thousands)
USD 5,522 0 3,549 0
GBP 3,293 0 6,917 0
EUR 1,688 0 4,310 0
JPY 2,428,962 0 -1,482,600 0
INR 17,186 0 18,801 0
PAGE 51
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 52
ANNUAL REPORT 2024-25YGGDRASIL
Carrying
amount
Cash flows including interest
TDKK 0-1 year 1-5 years over 5 years Total
Maturities of liabilities and
commitments
2024/25
Derivative financial instruments:
Forward currency derivates 0 0 0 00
Non-derivative financial
instruments:
Credit institution 0 0 0 00
Trade payables 183,783 183,783 0 0 183,783
Other payables 41,689 41,689 0 0 41,689
Total 225,472 225,472 0 0 225,472
2023/24
Derivative financial instruments:
Forward currency derivates 0 0 0 00
Non-derivative financial
instruments:
Credit institution 0 0 0 00
Trade payables 202,718 202,718 0 0 202,718
Amounts owed to shareholders 0 0 0 00
Other payables 21,908 21,908 0 0 21,908
Total 224,626 224,626 0 0 224,626
PAGE 53
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
The group holds the following financial instruments:
Financial assets
Carried at amortised cost
Receivables 198,412 155,816
Cash and cash equivalents 679,378 567,513
Financial assets at amortised cost 877,789 723,329
Financial liabilities
Carried at amortised cost
Credit institutions 0 0
Trade payables 183,783 202,718
Other payables 41,689 21,908
Financial liabilities at amortised cost 225,472 224,626
Total financial liabilities 225,472 224,626
PAGE 54
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 55
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 56
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
PricewaterhouseCoopers
Audit fee 279 257
Other assurance services 210 139
Tax advisory services 0 19
Other services 36 38
525 453
PAGE 57
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 58
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 59
ANNUAL REPORT 2024-25YGGDRASIL
TDKK Notes 2024/25 2023/24
Revenue 2 426,070 108,293
Staff costs 3 -22,053 -19,803
Administrative expenses -11,918 -8,825
Operating income/loss 392,099 79,665
Income from equity investments in subsidiaries 207,993 220,794
Financial income 4 18,193 10,189
Financial costs 4 -14,295 -14,759
Profit before tax 603,990 295,889
Tax on profit for the year 5 -86,180 -16,546
Profit for the year 517,810 279,343
PAGE 60
ANNUAL REPORT 2024-25YGGDRASIL
TDKK Notes 2024/25 2023/24
Profit for the year 517,810 279,343
Other comprehensive income that will be
reclassified subsequently to the profit or loss
Value adjustment of hedging instruments 0 0
Tax effect of equity adjustments 0 0
Exchange rate adjustments on translation of
subsidiaries
-698 -6,940
Total comprehensive income 517,112 272,402
PAGE 61
ANNUAL REPORT 2024-25YGGDRASIL
TDKK Notes 30/6 2025 30/6 2024
Assets
Non-current assets
Equity investments in subsidiaries 6 238,833 279,420
Total non-current assets 238,833 279,420
Current assets
Deposits 261 261
Amounts owed by subsidiaries 192,671 48,299
Other receivables 714 606
Total receivables 193,646 49,166
Cash and cash equivalents 7 242,816 353,608
Total current assets 436,462 402,774
Total assets 675,295 682,194
TDKK Notes 30/6 2025 30/6 2024
Equity and liabilities
Contributed capital 3,073 3,073
Reserve for net revaluation under equity method 0 0
Retained earnings 519,054 383,263
Proposed dividend for the year 0 0
Total equity 522,127 386,336
Amounts owed to subsidiaries 60,508 267,931
Income tax payable 78,493 23,787
Other payables 14,167 4,140
Total current liabilities 153,168 295,858
Total liabilities 153,168 295,858
Total equity and liabilities 675,295 682,194
PAGE 62
ANNUAL REPORT 2024-25YGGDRASIL
TDKK
Contributed
capital
Reserve for net
revaluation
under the
equity method
Retained
earnings
Proposed
dividends
for the year
Total
equity
Equity at 1 July 2024 3,073 0 383,263 0 386,336
Profit for the year 0 698 517,112 0 517,810
Value adjust. of hedging
instruments
0 0 0 0 0
Tax effect, equity adjust. 0 0 0 0 0
Exchange rate adjust.
subsidiaries
0 -698 0 0 -698
Total comprehensive
income
0 0 517,112 0 517,112
Purchase of treasury shares 0 0 -376,134 0 -376,134
Cancellation of warrants 0 0 -5,804 0 -5,804
Share-based payments 0 0 617 0 617
Paid dividend 0 0 0 0 0
Total transactions with
shareholders
0 0 -381,321 0 -381,321
Equity at 30 June 2025 3,073 0 519,054 0 522,127
TDKK
Con-
tributed
capital
Reserve for net
revaluation
under the
equity method
Retained
earnings
Proposed
dividends
for the year
Total
equity
Equity at 1 July 2023 3,073 29,220 81,060 240,000 353,353
Profit for the year 0 -22,279 301,622 0 279,343
Value adjust. of hedging
instruments
0 0 0 0 0
Tax effect, equity adjust. 0 0 0 0 0
Exchange rate adjust.
subsidiaries
0 -6,940 0 0 -6,940
Total comprehensive income 0 -29,220 301,622 0 272,402
Paid dividend 0 0 0 -240,000 -240,000
Share-based payments 0 0 581 0 581
Total transactions with
shareholders
0 0 581 -240,000 -239,419
Equity at 30 June 2024 3,073 0 383,263 0 386,336
PAGE 63
ANNUAL REPORT 2024-25YGGDRASIL
TDKK Notes 2024/25 2023/24
Profit/loss for the year 517,810 279,343
Other adjustments of non-cash operating items 8 -125,094 -199,097
Changes in working capital 8 9,919 -10,155
Cash generated from operations before
financials
402,635 70,091
Paid net finance income/finance costs 3,898 -4,570
Cash flow from ordinary activities 406,533 65,521
Paid taxes during the year -31,474 -6,827
Cash flow from operating activities 375,059 58,694
Equity investments in subsidiaries -5,004 0
Dividends received 252,886 153,000
Cash flow from investment activities 247,882 153,000
Change in intercompany loan -351,795 251,855
Dividend paid 0 -240,000
Cancellation of warrants -5,804 0
Purchase of treasury shares -376,134 0
Cash flow from financing activities -733,733 11,855
Changes in cash and cash equivalents -110,792 223,549
Cash and cash equivalents at 1 July 353,608 130,059
Cash and cash equivalents at 30 June 7 242,816 353,608
PAGE 64
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 65
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 66
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 67
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 68
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 69
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Net revenue from management fee from subsidiaries 28,337 27,805
Royalty from subsidiaries 397,733 80,488
Revenue 426,070 108,293
PAGE 70
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Wages and salaries 19,840 17,700
Share-based payments 617 581
Pension cost, defined contribution plans 1,381 1,300
Other social security costs 215 222
Total 22,053 19,803
Average number of full time employees 28 26
TDKK 2024/25
Executive
Board
Board of
Directors
Total
Wages and salaries 2,927 100 3,027
Share-based payments 180 0 180
Pension costs 264 0 264
Other social security costs 0 0 0
Total remuneration to Executive Management 3,371 100 3,471
TDKK 2023/24
Executive
Board
Board of
Directors
Total
Wages and salaries 2,684 200 2,884
Share based payments 128 0 128
Pension costs 236 0 236
Other social security costs 0 0 0
Total remuneration to Executive Management 3,048 200 3,248
PAGE 71
ANNUAL REPORT 2024-25YGGDRASIL
Employees
(number of warrants)
2024/25 2023/24
Outstanding at 1 July 82,180 46,150
Granted during the
year
27,350 36,730
Forfeited during the
year
-1,411 -700
Cancellation of
warrants
-14,045 0
Outstanding at 30
June
94,074 82,180
PAGE 72
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 73
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Financial income
Interest income measured at amortised cost 6,832 6,046
Interest income from subsidiaries 8,950 4,143
Exchange rate adjustments, net 2,412 0
Total financial income 18,193 10,189
Financial costs
Interest expense measured at amortised cost 1,819 934
Interest expense to subisidiaries 12,304 8,955
Exchange rate adjustments, net 0 4,755
Other financial expenses 172 115
Total financial expenses 14,295 14,759
PAGE 74
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Current tax
Current tax for the year 86,180 16,546
Deferred tax adjustment for the year 0 0
Income tax expense 86,180 16,546
Reconciliation of effective tax rate
TDKK 2024/25 % 2023/24 %
Tax at the Danish tax rate of 22% 132,878 22.0% 65,096 22.0%
Tax effects of amounts which are not
deductible (taxable) in calculating taxable
income:
Effect of foreign tax rates 0 0.0% 0 0.0%
Non-deductible items 395 0.1% 25 0.0%
Non-taxable income -47,092 -7.8% -48,575 -16.4%
Income tax expense 86,180 14.3% 16,546 5.6%
PAGE 75
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Cost at 1 July 36,345 36,345
Additions 5,004 0
Dispossals 0 0
Cost at 30 June 41,349 36,345
Value adjustments at 1 July 243,074 182,220
Profit for the year 207,993 220,794
Dividends paid -252,886 -152,999
Currency adjustments -698 -6,940
Disposals 0 0
Value adjustments at 30 June 197,483 243,074
Carrying amount at 30 June 238,833 279,420
Name/legal form
Registrered
office
Equity
interest
Thordin ApS Denmark 100%
Dvalin ApS Denmark 100%
Nidhog ApS Denmark 100%
Asgard ApS Denmark 100%
Valhall GK Japan 100%
Future Electricity Trading (GK) Japan 100%
Japan Power Trading (GK) Japan 100%
Raijin Energy (GK) Japan 100%
Yggdrasil Commodities India Ptd. India 100%
Heimdall Commodities Mexico Srl. Mexico 100%
PAGE 76
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Cash at bank 242,816 353,608
Counterparty deposits which can be released with a short timeframe 0 0
Total cash at bank and cash equivalents in cash flow statement 242,816 353,608
Deposits secured for guarantees 0 0
Purchase price for shares deposited with bank 0 0
Carrying amount at 30 June 242,816 353,608
PAGE 77
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
Other adjustments
Warrants 617 581
Financial income -18,193 -10,189
Financial costs 14,295 14,759
Tax on profit for the year 86,180 16,546
Adjustment of subsidiary equity value -207,993 -220,794
-125,094 -199,097
Changes in net working capital
Changes in receivables -108 148
Changes in trade and other payables 10,027 -17,256
Changes in deposited cash 0 6,953
9,919 -10,155
PAGE 78
ANNUAL REPORT 2024-25YGGDRASIL
30 June 2025 30 June 2024
Number of
shares
Nominal
value DKK
Number of
shares
Nominal
value DKK
The share capital comprise:
A shares 2,818,554 2,818,554 2,818,554 2,818,554
B shares 254,446 254,446 254,446 254,446
30 June 2025 30 June 2024
Total dividend paid out for the year 0 240,000
Total dividend per share 0 85.2
Total dividend proposed for the year 0 0
PAGE 79
ANNUAL REPORT 2024-25YGGDRASIL
TDKK
Carrying
amount
Cash flows
including interest
0-1 year
1-5
years
over 5
years
Total
Maturities of liabilities and commitments
2024/25
Derivative financial instruments
Forward currency derivates 0 0 0 0 0
Non-derivative financial instruments:
Amounts owed to subsidiaries 60,508 60,508 0 0 60,508
Other payables 14,167 14,167 0 0 14,167
Total 74,675 74,675 0 0 74,675
2023/24
Derivative financial instruments
Forward currency derivates 0 0 0 0 0
Non-derivative financial instruments:
Amounts owed to subsidiaries 267,931 267,931 0 0 267,931
Other payables 4,140 4,140 0 0 4,140
Total 272,071 272,071 0 0 272,071
PAGE 80
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 81
ANNUAL REPORT 2024-25YGGDRASIL
TDKK 2024/25 2023/24
The company holds the following financial instruments:
Financial assets
Carried at amortised cost
Receivables 193,646 49,166
Cash and cash equivalents 242,816 353,608
Financial assets at amortised cost 436,462 402,774
Financial liabilities
Carried at amortised cost
Amounts owed to subsidiaries 60,508 267,931
Other payables 14,167 4,140
Financial liabilities at amortised cost 74,675 272,071
Carried at fair value through profit or loss (FVPL)
Financial derivatives 0 0
Financial liabilities at fair value through profit or loss (FVPL) 0 0
Total financial liabilities 74,675 272,071
PAGE 82
ANNUAL REPORT 2024-25YGGDRASIL
PAGE 83
ANNUAL REPORT 2024-25YGGDRASIL
The
Board
of
Directors
and
Executive
Board
have
today
considered
and
adopted
the
Annual
Report
of
Yggdrasil
Commodities
ApS
for
the
financial
year
1
July
2024
-
30
June 2025.
The Annual Report has been
prepared
in
accordance
with
International
Financial
Reporting
Standards
as
adopted
by
the
EU
and
further
requirements
in
the
Danish
Financial
Statements
Act.
In
our
opinion,
the
Consolidated Financial
Statements
and
the
Parent
Company
Financial
Statements
give
a
true
and
fair
view
of
the
financial
position
at
30
June
2025
of
the
Group
and
the
Parent
Company
and
of
the
results
of
the
Group
and Parent
Company
operations and cash
flows
for
2024/25.
In
our
opinion,
Management's
Review
includes
a
true
and
fair
account
of
the
development
in
the
operations
and
financial
circumstances
of
the
Group
and
the
Parent Company,
of
the
results
for
the
year
and
of
the
financial
position
of
the
Group
and
the
Parent
Company
as well as
a
description
of
the
most
significant
risks
and
elements
of
uncertainty
facing
the
Group
and
the
Parent Company.
We
recommend
that
the
Annual Report be
adopted
at
the
Annual General Meeting.
Aalborg, 9
October
2025
Management's
Statement
Executive Board: Board of Directors:
~
f}~
~f}~
S0ren Agersbrek Jensen
SJ
/Ui~
S0ren Bondo Andersen
S0ren Agersbrek Jensen, Chairman
.S
)'
!Ut~
S0ren Bondo Andersen
~
~
~
~'"VS
~yr.IF
/1
/\,--,
I
Thomas Tynor Rasmus Nordestgaard Jensen
Kei
Shiraishi Bech
PAGE 84
ANNUAL REPORT 2024-25YGGDRASIL
Opinion
In
our
opinion,
the
Consolidated Financial
Statements
and
the
Parent
Company
Financial
Statements
give
a
true
and
fair
view
of
the
Group's
and
the
Parent
Company's
financial
position
at
30
June
2025
and
of
the
results
of
the
Group's
and
the
Parent
Company's
operations
and
cash
flows
for
the
financial
year
1
July
2024
to
30
June
2025
in
accordance
with
International
Financial
Reporting
Standards
as
adopted
by
the
EU
and
further
requirements
in
the
Danish
Financial
Statements
Act.
We
have
audited
the
Consolidated
Financial
Statements
and
the
Parent
Company
Financial
Statements
of
Yggdrasil
Commodities
ApS-Group
for
the
financial
year
1
July
2024
-
30
June
2025,
which
comprise
income
statement
and
statement
of
comprehensive income,
balance
sheet,
statement
of
changes
in
equity,
cash
flow
statement
and
notes,
including
a
summary
of
significant
accounting
policies,
for
both
the
Group
and
the
Parent
Company
("financial
statements").
Basis for Opinion
We
conducted
our
audit
in
accordance
with
International
Standards
on
Auditing
(ISAs)
and
the
additional
requirements
applicable
in Denmark. Our
responsibilities
under
those
standards
and
requirements
are
further
described
in
the
Auditor's
Responsibilities
for
the
Audit
of
the
Financial
Statements
section
of
our
report.
We
are
independent
of
the
Group
in
accordance
with
the
International
Ethics
Standards
Board
for
Accountants'
International
Code
of
Ethics
for
Professional Accountants
(IESBA
Code)
and
the
additional
ethical
requirements
applicable
in
Denmark,
and
we
have
fulfilled
our
other
ethical responsibilities in
accordance
with
these
requirements
and
the
IESBA
Code. We believe
that
the
audit
evidence
we have
obtained
is
sufficient
and
appropriate
to
provide
a basis
for
our
opinion.
Statement
on
Management's
Review
Management
is
responsible
for
Management's Review.
Our
opinion
on
the
financial
statements
does
not
cover Management's Review, and
we
do
not
express any
form
of
assurance
conclusion thereon.
In
connection
with
our
audit
of
the
Independent
Auditor's Report
To
the
Shareholders of Yggdrasil Commodities ApS
financial
statements,
our
responsibility
is
to
read
Management's
Review and, in
doing so, consider
whether
Management's
Review is
materially
inconsistent
with
the
financial
statements
or
our
knowledge
obtained
during
the
audit,
or
otherwise
appears
to
be materially misstated.
Moreover,
it
is
our responsibility
to
consider
whether
Management's
Review
provides
the
information required
under
the
Danish
Financial Statements Act.
Based
on
the
work
we
have
performed,
in
our
view,
Management's
Review
is
in
accordance
with
the
Consolidated
Financial
Statements
and
the
Parent
Company
Financial
Statements
and
has
been
prepared
in
accordance
with
the
requirements
of
the
Danish
Financial
Statement
Act.
We
did
not
identify
any
material
misstatement
in
Management's
Review.
Management's
Responsibilities for
the
Financial
Statements
Management
is
responsible
for
the
preparation
of
Consolidated
Financial
Statements and Parent Company Financial
Statements
that
give a
true
and fair view
in
accordance
with
International Financial
Reporting
Standards
as
adopted
by
the
EU
and
further
requirements
in
the
Danish
Financial
Statements
Act,
and
for
such internal
control
as
Management
determines
is
necessary
to
enable
the
preparation
of
financial
statements
that
are
free
from
material
misstatement,
whether
due
to
fraud
or
error.
In
preparing
the
financial
statements,
Management is responsible
for
assessing
the
Group's
and
the
Parent
Company's
ability
to
continue
as a
going
concern,
disclosing,
as
applicable,
matters
related
to
going
concern
and
using
the
going
concern
basis
of
accounting
in
preparing
the
financial
statements
unless
Management
either
intends
to
liquidate
the
Group
or
the
Parent
Company
or
to
cease
operations,
or
has
no
realistic
alternative
but
to
do
so.
Auditor's Responsibilities for
the
Audit
of
the
Financial
Statements
Our
objectives
are
to
obtain
reasonable
assurance
about
whether
the
financial
statements
as a
whole
are
free
from
material
misstatement,
whether
due
to
fraud
or
error,
and
to
issue an
auditor's
report
that
includes
our
opinion.
Reasonable
assurance
is a high level
of
PAGE 85
ANNUAL REPORT 2024-25YGGDRASIL
assurance,
but
is
not
a
guarantee
that
an
audit
conducted
in
accordance
with
ISAs
and
the
additional
requirements
applicable
in Denmark will always
detect
a
material
misstatement
when
it
exists.
Misstatements
can
arise
from
fraud
or
error
and
are
considered
material
if,
individually
or
in
the
aggregate,
they
could
reasonably
be
expected
to
influence
the
economic
decisions
of
users taken on
the
basis
of
these
financial
statements.
As
part
of
an
audit
conducted
in
accordance
with
ISAs
and
the
additional
requirements
applicable
in
Denmark,
we
exercise
professional
judgment
and
maintain
professional
skepticism
throughout
the
audit. We also:
Identify
and
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
fraud
or
error,
design
and
perform
audit
procedures
responsive
to
those
risks,
and
obtain
audit
evidence
that
is
sufficient
and
appropriate
to
provide
a basis
for
our
opinion. The risk
of
not
detecting
a
material
misstatement
resulting
from
fraud
is
higher
than
for
one
resulting
from
error
as
fraud
may
involve
collusion,
forgery,
intentional
omissions,
misrepresentations,
or
the
override
of
internal control.
Obtain
an
understanding
of
internal
control
relevant
to
the
audit
in
order
to
design
audit
procedures
that
are
appropriate
in
the
circumstances,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Group's
and
the
Parent
Company's
internal
control.
Evaluate
the
appropriateness
of
accounting
policies
used
and
the
reasonableness
of
accounting
estimates and related disclosures made
by
Management.
Conclude
on
the
appropriateness
of
Management's use
of
the
going concern
basis
of
accounting
in
preparing
the
financial
statements
and,
based
on
the
audit
evidence
obtained,
whether
a
material
uncertainty
exists
related
to
events
or
conditions
that
may
cast
significant
doubt
on
the
Group's
and
the
Parent
Company's
ability
to
continue
as a
going
concern.
If
we
conclude
that
a
material
uncertainty
exists,
we
are
required
to
draw
attention
in
our
auditor's
report
to
the
related disclosures in
the
financial
statements
or,
if
such
disclosures
are
inadequate,
to
modify
our
opinion. Our
Independent
Auditor's Report
To
the
Shareholders of Yggdrasil Commodities ApS
conclusions
are
based
on
the
audit
evidence
obtained
up
to
the
date
of
our
auditor's
report.
However,
future
events
or
conditions
may
cause
the
Group
and
the
Parent
Company
to
cease
to
continue
as a going
concern.
Evaluate
the
overall
presentation,
structure
and
contents
of
the
financial
statements,
including
the
disclosures,
and
whether
the
financial
statements
represent
the
underlying
transactions
and
events
in a
manner
that
gives
a
true
and
fair
view.
Obtain
sufficient
appropriate
audit
evidence
regarding
the
financial
information
of
the
entities
or
business
activities within
the
Group
to
express
an
opinion
on
the
Consolidated
Financial
Statements. We are responsible
for
the
direction, supervision and
performance
of
the
group
audit.
We
remain
solely
responsible
for
our
audit
opinion.
We
communicate
with
those
charged
with
governance regarding,
among
other
matters,
the
planned
scope
and
timing
of
the
audit
and
significant
audit
findings,
including
any
significant
deficiencies
in
internal control
that
we
identify
during
our
audit.
Aarhus, 9
October
2025
PricewaterhouseCoopers
Statsautoriseret
Revisionspartnerselskab
CVR
No 33 7712
31
Mads Meldgaard
State
Authorised
Public
Accountant
mne24826
Martin
Stenstrup
Toft
State
Authorised
Public
Accountant
mne42786
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